Major social media networks such as Twitter, Facebook, Instagram, TikTok, and YouTube have billions of users. This huge audience is a potential monetization of your efforts. Here are some of the most popular ways you can make money from social media:
1. Become an Influencer
One way to have earnings is if you can grow a large enough following base on social media, you can become an influencer. They will pay you for advertising by placing their products through posts, reviews, unboxing videos, and will pay for the number of followers you have. You will earn more as you have more followers. Micro influencers with a few thousand followers having part of the audience may also come on board.
2. Open Own Product Shops
Social networks will facilitate selling of your products through the e-store that you can set up. You may come up with tactics that allow you to sell your physical products, digital downloads, ebooks, online courses, apparel and so on. You can implement such marketing strategies via your own followers and by means of paid advertising. If you keep posting content that engages people, you will have more chances to make sales one day.
3. Affiliate Marketing
Join affiliate platforms and make commissions for promoting other companies’ and store’s brands. Make affiliate links, promo codes and product recommendations publically. Once your followers click through one of your links, you receive a portion of the revenue generated by that sale. Affiliate programs of the top selection are Amazon Associates, ShareASale, ClickBank, Rakuten, CJ Affiliate and many others.
4. Sell Advertising
If you possess a website, a YouTube channel, or an account with a high level of engagement on visual platforms such as Instagram, Snapchat, or TikTok, you have an opportunity to earn income by selling display ads. Now, let’s get in touch with an ad network like Google AdSense, Media.net, Infolinks, BuySellAds, or Ezoic. Your site visitors or viewers will watch their videos or ads that have proven to be extremely effective. They will then share the ad revenue with you.
5. Becoming a Brand Ambassador
Join the ambassador program of an existing brand and get paid for it by spreading its name on the internet. The responsibilities entail spreading branded content, providing samples to consumers, engaging in promotions through social media, applying both branded hashtag and unique visuals. It’s a more trusted partnership than a one-time sponsored post.
6. Consult and Coach
By mentoring others and offering social media consulting to brands and creators, you will become an expert yourself. You can offer services ranging from content creation through growth strategy, platform optimization via analytics and hashtag research to influencer partnership as well as ad management.
By the same token, you can develop curricula for online training, which will include social media marketing practices and ways to convert their personal accounts into cash-making platforms. Sell these courses on your website, and also on platforms such as Teachable and Thinkific.
7. Deliver Virtual Services
Virtual products are not just for the coaching programs or ebooks. Using social media is the other way to sell other virtual services online. Provide services such as graphics design, digital marketing, business consulting, photo editing, video editing, writing and others. Enlist your market and offer these services on platforms like Fiverr and Upwork.
8. Live Stream Monetization
Apps such as TikTok TV, YouTube Live, Instagram Live, Facebook Live, Twitch, and many others offer you the chance to make money while you do live streams. By sending you their virtual gifts along with tips, Super Chats, and Stars, your viewers can support you. On the other hand, aside from the ad revenue share, you also gain from the ads revenue. More viewers will be attracted if you live stream, and you will earn more.
9. Crowdfund Creative Projects
Try crowdfunding platforms such as Patreon, Buy Me a Coffee, and Kickstarter to fund your creative and passionate project which is not limited to art. Offer specially developed ‘perks’ and benefits for your patrons, such as behind the scenes’ content, merchandise, shout outs, etc. Create a buzz about your campaign on your social media platforms to attract patrons and achieve your funding goals.
10. Sell Your Account
This way is the most daring and complicated one. However, this power is only with a sizable fan base and content library full of great content. Brands may come forward to buy your account rather than jumping in to build their own with zero followers. This user activity is typically a breach of most social networks’ terms of service.
You will find quite a few monetization methods for your social networking account if you are ready to let your imagination run wild. With this approach, you can create a hybrid earned/paid income stream which will allow you to enjoy higher revenues and get income from different sources. As the old saying goes: “Don’t put all your eggs in one basket”. The combination of the number of options you have will increase your ability to earn money.